August 28, 2024
The next submit accommodates a recap of stories, initiatives, and necessary updates from the Spartan Council, Core Contributors, and Ambassador Council from final week.
👉TLDR
- 🚨Election information: Nominations open this Friday, August thirtieth
- 🚨Spartan Council Election Panel: Thursday, September fifth @9PM UTC. Fill out this google type to submit query recommendations for the panelists, and RSVP for the occasion right here. In the event you plan to run for Spartan Council, make sure you get your nomination in as quickly as doable to be included within the panel.
- SNX chain: Deployed on Mainnet; the CCs are simply wiring up the necessities to deploy Governance V3 there to host the upcoming election. At the moment present process election testing, and wormhole guardians are within the means of getting synced as much as assist the cross-chain messaging options. Election outcomes will tabulate and resolve on SNX Chain, which is able to then ship messages again to all the chains that Synthetix is deployed on to reassign the NFTs.
- Arbitrum scaleup: Multi-collateral perps is on testnet however needs to be on Mainnet this week with zero caps initially; UIs to observe. As soon as integrators are prepared, the caps can be raised. And along with the default margin (USDx), customers will be capable to deposit WETH and TBTC as margin as nicely.
- L1 Perps: Launched to testnet; the CCs are simply finalizing necessities for a Mainnet launch.
- V3 migration: Wanting good on testnet, and needs to be enabled for the general public this week. The implementation is prepared on the technical facet, with the final piece being the migration entrance finish. As soon as L1 Perps is able to start buying and selling, migrated SNX will start backing the L1 Perp on V3 in addition to V2X perps. L1 Perps is simply ready for a UI — it’s feature-complete and the Mainnet launch is being deliberate, doubtless by the tip of the month.
- Why self-liquidations had been disabled: Within the unique design, self-liquidating was supplied as a function to provide stakers different choices to strengthen their c-ratio in the event that they had been getting near liquidation, with a purpose to stop cascading liquidations. This selection was actually solely being utilized as a final resort and didn’t encourage the proactive debt administration that it initially meant to assist (and consequently, didn’t stop cascading).
- It was additionally a essential prerequisite for enabling the migrations to V3. For V2X customers who self-liquidated, the debt from that transaction would have been socialized amongst V3 stakers, however the SNX would have solely been distributed to stakers on V2 on L1. Disabling self-liquidations permits for the staked asset to be redistributed to the stakers who’ve assumed further debt on account of a liquidation.
Spartan Council and SIP updates
Current on the August 21, 2024 Spartan Council Weekly Mission Sync:
Spartan Council: Cavalier, cyberduck, fifa, Jackson, Millie, ml_sudo, Snax Frens, snxmaximalists
Core Contributors: Fred, Kaleb, Matt, meb, Mike, Mithrandir, moss, Nikita, robin, Steve, troy
Elections are right here! ICYMI, nominations open this Friday, August thirtieth. And in case you plan to run for Spartan Council, make sure you get your nomination in as quickly as doable to be included within the Spartan Council Election Panel. The Panel can be hosted by SNXweave on 🚨Thursday, September fifth🚨 within the governance stage. Fill out this google type the place you’ll be able to recommend questions for us to ask this epoch’s Spartan Council candidates at subsequent week’s panel! RSVP for the occasion right here.
And talking of elections, SNX chain was deployed on Mainnet, and the CCs are simply wiring up the necessities to deploy Governance V3 there to host the upcoming election. Snax chain is at present present process election testing, and wormhole guardians are within the means of getting synced as much as assist the cross-chain messaging options. The CCs expect to satisfy the August thirtieth deadline for nominations for the upcoming epoch. Then, the election outcomes will tabulate and resolve on SNX Chain, which is able to then ship messages again to all the chains that Synthetix is deployed on to reassign the NFTs.
As for the Arbitrum scaleup, multi-collateral perps is on testnet however needs to be on Mainnet this week with zero caps initially and UIs to observe. As soon as integrators are prepared, the caps can be raised. And along with the default margin (USDx), customers will be capable to deposit WETH and TBTC as margin as nicely.
Subsequent, as we talked about final week, L1 Perps was launched to testnet, and the CCs are simply finalizing necessities for a Mainnet launch.
The migration from L1 SNX to V3 can be trying good on testnet, and needs to be enabled for the general public this week. The implementation is prepared on the technical facet, with the final piece being the migration entrance finish. Then, as soon as L1 Perps is able to start buying and selling, migrated SNX will start backing the L1 Perp on V3 in addition to V2X perps. L1 Perps is simply ready for a UI — it’s feature-complete and the Mainnet launch is being deliberate, doubtless by the tip of the month.
Lastly, throughout final week’s assembly, there was a query within the chat about why self-liquidations had been disabled. It was defined that within the unique design, self-liquidating was supplied as a function to provide stakers different choices to strengthen their c-ratio in the event that they had been getting near liquidation with a purpose to stop cascading liquidations. It turned clear that this feature was actually solely being utilized as a final resort and didn’t encourage the proactive debt administration that it initially meant to assist (and consequently, didn’t stop cascading).
It was additionally a essential prerequisite for enabling the migrations to V3. For V2X customers who self-liquidated, the debt from that transaction would have been socialized amongst V3 stakers, however the SNX would have solely been distributed to stakers on V2 on L1. Disabling self-liquidations permits for the staked asset to be redistributed to the stakers who’ve assumed further debt on account of a liquidation.
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SIP/SCCP standing tracker:
SIP-384: Launch Synthetix Chain (SNX Chain) Utilizing the OP Stack for V3 Governance, Standing: draft
SIP-383: Multi-Collateral Margin Help — Perps V3, Standing: authorised
